Looking back: oil market's future is different from its past

"Financial revolution" can no longer be ignored, argues Krapels

Krapels: "Oil has finally been caught up in the financial revolution"

Oil was once an internationally regulated utility run by the major oil companies and their home governments. The global industry consisted of a core group of vertically integrated oil majors, a large number of ‘national champion' state-owned oil companies and some independents. There were practically no trading companies, and their role was marginal. As for oil careers, they were much more like civil service jobs than they are today – any senior executive at a major oil company could count on

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